Versilia on Haig - Ipoh Lane

[BIC]

Anyone heard of the Project Versilia on Haig along Ipoh Lane?

Would appreciate it if you could share your thoughts on this property. Thanks.

[mezo]

Looks the best of all the development there at Butterworth area.

Average price ~850psf, considering that its cheaper than what others bought 1 year ago at >1000psf (bleeding badly now). Think its currently the cheapest among all

Likely to jam in the morning when traffic density increase with all the surrounding development completed (Imperial Heights, Worthington, Ritz, etc...)

Just outside red light district, outside Katong though has a D15 address...

[BIC]

Thanks for your views and perspective of this project.

I actually welcome the developement of this area with others projects coming onstream. This area has many road access, so do not foresee traffic as a major problem.

Cheers.

[dragonred]

Hi,

I live in that area, a stone's throw away. I rent there and that area is a hidden gem. Can't comment on the property itself or the developer. But from a location perspective, it's a fantastic area. 10 mins walk to Paya Lebar MRT for the East West & Circle Line. Can take a bus too if necessary. PIE or ECP is 5 mins drive away. Buses on Dunman road, 5 mins walk, taking you into CBD and Orchard. Right in the HDB hub, so lots of convenient shops, access to community centers etc.

Peak hour access & exit will be a bit busy but that's true of almost any place.

Butterworth 8 transacted at more than 850 psf in the last 18 months, and that the condos on Dunman road itself are now around 700-800 psf.

Trust that helps.

[BIC]

Yes indeed. I have bought a unit in Versilia and what you have mentioned is exactly the same sentiments why I decided to live in this area.

TOP is expected to be 3Q 2010. Looking forward to be part of the buzz in that area.

Thanks.

[Bignose88]

Heard that all sold out except 3 Penthouses @ about 1.8m - 2m.

This area should have potential in 5-8 years time. Part of Masterplan to revamp Paya Lebar into some business hub.

[BIC]

Yup, just 3 penthouses left.

Am surprised they are still keeping the showroom for so long.

To me, its as good as 100% sold. Let's see how the sub-sale market perform for this development.

Cheers.

[alxyan]

Any comments on the quality of finishing for Versilia and its developer?

[joyride]

The penthouses are very nice... just way too expensive to buy. Just watch out for the west sun for the few units left.

[alxyan]

The prices of units around this area, including Butterworth 8, dont move up much, compared to those in Amber Road, Meyer Road area. Is this area undervalued or what? The Paya Lebar Central plan also doesnt seem to move prices in this area. When are they going to enbloc Tanjong Katong Complex, Lion City Hotel, City Plaza, et al?

[BIC]

As what Dragonred has mentioned previously, this place is a hidden gem. When the re-development of this place gather steam, more people will get to know about it and realised the potential of this place. Prices are bound to rocket sky-high.

Where can you find a freehold private property that are near amenities, good schools, walkable to MRT and minutes to Town.

My 2 cents worth.

[BIC]

Just an article on the development of Paya Lebar to share

Makeover to turn Paya Lebar into commercial node

Posted by luxuryasiahome on June 8, 2008
Traditional Malay character to add unique flavour to area’s development
Paya Lebar was one of Singapore’s earliest commercial hubs, but it now stands neglected and underdeveloped, with the Singapore Post Centre building its sole marker of modernisation.
Within the next 15 years, however, all that will change.
The Paya Lebar Station Plaza, seen here as an artist’s impression, is part of the Government’s draft masterplan to position the area into a fringe hub along the lines of Novena and Buona Vista. — PHOTO: URA
The neighbourhood around the Paya Lebar MRT station is slated for a major makeover as part of the Government’s recently unveiled draft masterplan.
It will be transformed into Paya Lebar Central, a suburban commercial node nestled between the city centre and the bustling Tampines commercial hub.
About 12ha of land around Sims Avenue and Geylang Road will be put up for development, yielding some 5.4 million sq ft of commercial space.
More than half of this space has been earmarked for offices. The rest will be for shops and hotels with about 1,400 rooms.
While Paya Lebar will be positioned as a fringe hub along the lines of Novena and Buona Vista, the area’s traditional local Malay character will add a unique flavour.
Apart from the new commercial buildings, some upcoming developments include landscaped public spaces around the cleaned-up Geylang River, a pedestrian mall along Geylang Road, and a new plaza square and civic centre next to the rebuilt Geylang Serai Market.
All these exciting plans make Paya Lebar an ‘interesting sub-regional centre’, said Mr Chia Ngiang Hong, the group general manager of property developer City Developments.
‘It has the potential to become as successful as Novena,’ he said at the masterplan’s launch last month.
But what does this all mean for potential investors and current owners of Paya Lebar properties?
Property consultants say it is a bit premature to predict any trend in property values right now or even in the next few years.
Over time, however, starting from about five years from now, properties in the area will almost definitely become more valuable, they add.
Office buildings and shopping centres are the most obvious beneficiaries, said Dr Chua Yang Liang, the head of South-east Asia research at property consultancy Jones Lang LaSalle.
‘The plans to improve Paya Lebar will have a long-term impact on the properties around the area,’ he said. ‘The first thing that comes to mind is that the commercial assets will benefit from the increased activity once things start to take shape.’
There are limited avenues for small-time investors to take advantage of, though, as there are not that many strata-titled commercial properties in the immediate area. The few that exist include City Plaza.
Dr Chua said, however, some properties in the nearby Geylang area might enjoy a spillover effect. Prices and rents of office and shop units there, such as coffee shops, have been on the rise recently.
Mr Li Hiaw Ho, executive director of CB Richard Ellis (CBRE) Research, also said hi-tech industrial buildings in the vicinity of Paya Lebar Central were likely to rise in value over time.
As for residential developments, there are currently no plans for new housing sites in Paya Lebar. This, however, may prove a boon to existing homes in the area.
Their prices and rentals are expected to rise, as the critical mass of workers that will flow into the commercial hub look for homes nearby to buy or rent, consultants say.
Currently, there are few major projects in the vicinity. Most apartment blocks are boutique developments around Guillemard Road, Guillemard Crescent, Sims Avenue, Haig Road and Geylang.
Prices differ widely, depending on the area, according to CBRE, citing data from the Urban Redevelopment Authority.
CBRE’s analysis show some recent launches, such as Esta Ruby in Guillemard Road and Cosmo in Guillemard Crescent, have commanded prices well above $1,000 per sq ft (psf).
Latest transactions for nearby developments along Haig Road, such as Butterworth 8 and Haig Garden, have fetched prices hovering around $1,000 psf.
Others, such as Sunflower Regency in Lorong 20 Geylang, are hovering at between $500 psf and $600 psf.
The same trends can be seen for completed projects. Homes in Geylang proper – including those in Sims Green, The Sunny Spring, Wing Fong Mansions, The Waterina and Aston Mansions – have been transacted recently at well below $600 psf.
On the other hand, homes in Geylang East, in projects such as Simsville and Central Grove, have been sold for $600 to $900 psf.
Le Crescendo, one of the rare condominiums along Paya Lebar Road, is fetching between $800 psf and $1,000 psf for its newly completed units.
As for public housing, prices for a three-room flat in the Geylang town range from $170,000 to $300,000, according to sales in the last three months. Prices are lower in estates along Paya Lebar Way, Eunos Crescent, Balam Road and Circuit Road, and higher in Haig Road and Aljunied Crescent.
Five-room flat prices range from below $300,000 in the Ubi area to well above $400,000 in Eunos Crescent.
Development plan
Within the next 15 years, about 12ha of land in Paya Lebar will be put up for development around Sims Avenue and Geylang Road, which will yield some 5.4 million sq ft of commercial space.
Source : Sunday Times – 8 Jun 2008

[Easting]

agent sms me - left 1 penthouse

[BIC]

Hi Easting,

This is correct. Only one penthouse left. Also confirmed by the developer when I e-mail them yesterday.

Are you an owner of Versilia also? Target TOP is 2Q 2010.

Cheers

[alxyan]

I am an owner. A sad one. Bot at high price during 2007 peak. !@#@$

[BIC]

Hi Alxyan,

Glad to find my first neighbour in this thread!!!

The last transacted price has gone up to $940psf in July from an average of $850psf in 1Q09.

If you are buying to stay, you must have found the location and amenities convenient. It will still be worth it.

Was informed by the developer TOP is expected to be 2Q'2010.

Hope to find more owners of Versilia in this thread.

Cheers.

[alxyan]

I hope so. Just went to see Optima @ Tanah Merah today. 99 yr leasehold sold out at ave of 850 psf within 3 days. Unbelievable.

I think you Versilia Management Committee Chairman potential liao. kekeke.

[BIC]

Had wanted to wait for Optima to launch when I started my property hunt. Thank goodness I did not.

As for being in the Management Committee, thanks but no thanks!!

[alxyan]

I think the TOP will be before 2Q2010.

It has already reached 19th floor. Maybe will TOP by end of year.

[BIC]

I would certainly drop by at the site again this weekend.

End of the year or 1Q2010 would be good. More time for renovation and moving in before ghost month.

[centrico]

hi bought a unit in versilia

[Winstan]

Bought a 3-BR unit in May 09. Master bedroom windows facing west. Hoping for some awning at the windows, otherwise, can be very warm in the afternoon.

[BIC]

Hi Centrico and Winstan,

Welcome to the thread and happy to know you guys are owners of Versilia too!!

I bought my 3-BR unit in May too!!

Cheers.

[Honesty]

Bought a 3-BR unit in May 09. Master bedroom windows facing west. Hoping for some awning at the windows, otherwise, can be very warm in the afternoon.

If possible sell it fast cos the afternoon sun really very very very HOT...

The heat will last for many many many hours in your room...

[centrico]

HI BIC

Thanks
Bought a 2 BR unit facing south
Hopefully the view is good

[BIC]

Hi Honesty,

I believed all the units in Versilia are all N-S facing looking at the orientation of the buidling.

Hence the bedrooms would be facing east-west.

At least the living room and dinning room will be cool all day!!

Cheers.

[xebay11]

Hi Honesty,

I believed all the units in Versilia are all N-S facing looking at the orientation of the buidling.

Hence the bedrooms would be facing east-west.

At least the living room and dinning room will be cool all day!!

Cheers.

Afternoon Sun is coming in from North West now, so can still be blazing hot.

[BIC]

Hi Xebay11,

Welcome to the thread and thank you for your thoughts.

Looks like the sun will be posing a problem judging from what you and Honesty have mentioned.

Air-con bill will go up then!!

Cheers.

[mezo]

Hi Xebay11,

Welcome to the thread and thank you for your thoughts.

Looks like the sun will be posing a problem judging from what you and Honesty have mentioned.

Air-con bill will go up then!!

Cheers.

3BR owner too at 03 stack.

Intend to install solar film to reduce the heat (>80% type). In addition, hoping for it to be windy as there is through flow from North to South and it is unblocked (hopefully the low terrace houses at South dont get enbloc-ed). Main reasons that sway my decision to buy it despite the west facing bedrooms.

[District 84483535]

opps .. testing